CLEVELAND, Oct. 28 /PRNewswire/ -- U-Store-It Trust (NYSE: YSI), a self-
administered and self-managed real estate investment trust focused primarily
on self-storage facilities, announced today that it has completed the
acquisition of the Metro Storage portfolio for $184.0 million. In addition to
the $184.0 million purchase price, the Company anticipates $2.2 million will
be incurred for renovation and improvements to the acquired properties. The
Company utilized a portion of its initial public offering net proceeds to fund
this portfolio transaction. As previously disclosed in U-Store-It Trust's
prospectus filed with the Securities and Exchange Commission in conjunction
with its recently completed initial public offering, the Company previously
had entered into an agreement with Metro Storage LLC to acquire this
portfolio.
The portfolio consists of 42 self-storage facilities located in five
states, Illinois, Indiana, Florida, Ohio and Wisconsin. These facilities
contain an aggregate of approximately 2.6 million rentable square feet and
were 83.6% occupied as of June 30, 2004. With the completion of this
portfolio acquisition, U-Store-It owns and manages 197 self-storage facilities
located in 21 states and aggregating 12.5 million rentable square feet.
About U-Store-It Trust
U-Store-It Trust is a self-administered and self-managed real estate
investment trust focused on the ownership, operation, acquisition and
development of self-storage facilities in the United States. The Company's
self-storage facilities are designed to offer affordable, easily accessible
and secure storage space for residential and commercial customers. According
to the Self-Storage Almanac, U-Store-It Trust is the sixth largest owner and
operator of self-storage facilities in the United States.
Forward Looking Statements
Certain statements in this release that are not historical fact may
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results of the Company to differ materially from historical
results or from any results expressed or implied by such forward-looking
statements, including without limitation: national and local economic,
business, real estate and other market conditions; the competitive environment
in which the Company operates; the execution of our business plan; financing
risks; the Company's ability to maintain its status as a REIT for federal
income tax purposes; acquisition and development risks; potential
environmental and other liabilities; and other factors affecting the real
estate industry generally or the self-storage industry in particular. The
Company refers you to the documents filed by the Company from time to time
with the Securities and Exchange Commission which discuss these and other
risks and factors that could cause the Company's actual results to differ
materially from any forward-looking statements.
Contact:
U-Store-It Trust
Steven G. Osgood
President & Chief Financial Officer
(440) 234-0700
Investors/Media:
The Ruth Group
Stephanie Carrington / Jason Rando
(646) 536-7017 / 7025
scarrington@theruthgroup.comjrando@theruthgroup.comSOURCE U-Store-It Trust
-0- 10/28/2004
/CONTACT: Steven G. Osgood, President & Chief Financial Officer of
U-Store-It Trust, +1-440-234-0700; Investors/Media - Stephanie Carrington,
+1-646-536-7017, scarrington@theruthgroup.com, or Jason Rando,
+1-646-536-7025, jrando@theruthgroup.com, both of The Ruth Group for
U-Store-It Trust/
(YSI)
CO: U-Store-It Trust; Metro Storage
ST: Ohio
IN: RLT FIN
SU: TNM
MJ
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2527 10/28/200407:01 EDThttp://www.prnewswire.com